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Putin: Russian economy managed to keep from sliding into recession
Russian President Vladimir Putin, speaking at the closing ceremony of the BRICS business forum, said the country's authorities managed to keep the economy from sliding into a recession. The head of state noted that the current GDP growth rate is insufficient.
According to Putin, the country's authorities have been pursuing a balanced macroeconomic policy for many years, are responsible for public finances, and maintain the stability of the banking and credit markets in order to strengthen key sectors of the economy. That is why it was possible to keep the country's economy from sliding into a recession.
According to preliminary estimates by Rosstat, the country's economy in the third quarter of this year grew by 1,7% in annual terms, for nine months the growth was 1,1%. This is below the estimate of the Ministry of Economic Development, which announced the acceleration of GDP growth to 1,9% in annual terms. For nine months, the agency estimated at 1,2%.